Best Reason to Live in South Florida Fort Lauderdale and Palm Beach 2002 - Skyrocketing home values
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You curse the devilish traffic and the paucity of open space, but these signs of overcrowding mean money in your pocket the day you sign on the dotted line of a warranty deed. Soaring land values mean money for nothin'. According to a recent Sun-Sentinel article, the median sales price for homes in the Fort Lauderdale area grew by 12 percent compared to last year, a jump from $161,200 to $179,800. The West Palm Beach-Boca Raton area saw a median sales-price increase of 14 percent, from $139,200 to $158,300. Why the upsurge? As Manhattanites learned long ago, when you're surrounded by water, you run out of anywhere to build but upward. New Yorkers built in that direction, but down here, single-family homes with a patch of backyard are all the rage. And you don't have to have a beautiful mind to realize there are only so many lots to go around.